A1-3-05: Redelivering a Mortgage Loan (11/12/2014)

Fannie Mae may allow the redelivery of a mortgage loan that
was repurchased by the responsible party, as long as the defect making
the mortgage loan ineligible has been corrected and it meets Fannie
Mae’s current underwriting standards. This includes mortgage
loans repurchased due to MI rescissions, claim denials, or mortgage
insurer-initiated cancellation of coverage. The terms for redelivery
of mortgage loans previously repurchased from Fannie Mae will be
considered on a case-by-case basis at Fannie Mae’s sole
discretion, on a negotiated basis.

Note:
Fannie Mae will not accept redelivery of a mortgage loan that was
required to be repurchased by a secondary market investor, GSE,
or private institutional investor other than Fannie Mae even if
the identified defect has been corrected and the mortgage loan may
otherwise meet Fannie Mae requirements.

A mortgage loan that a lender repurchased from another investor
or GSE that was delivered in error to that investor or GSE is eligible
for delivery to Fannie Mae as long as it meets all current requirements.

In the event a mortgage loan is deemed ineligible for redelivery
to Fannie Mae or rejected by Fannie Mae upon redelivery, any future
losses incurred after repurchase are the responsibility of the responsible
party and not Fannie Mae.